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Bahrain approves Waqf Fund budget

Manama, January 1, 2014

The board of Bahrain's Waqf Fund has approved a budget of $1.4 million for this year with several new initiatives lined up.

The 19th board of trustees meeting of the special fund to support Islamic finance training, education and research, was held at the Central Bank of Bahrain.

One of the initiatives planned for this year is the leadership grooming programme for member institutions, reported the Gulf Daily New, our sister publication.

Under the programme, the Waqf Fund, together with member institutions, will identify top talent among middle managers and put them through a rigorous executive development programme with one of the leading world universities.

The objective is to groom C-suite executives of the future who have leadership skills, strategic and visionary thinking and ethical approach to business in order to lead the Islamic banking industry.

Another initiative approved by the board relates to co-operation with Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). The Waqf Fund will provide financial support to help AAOIFI in further developing the Certified Islamic Professional Accountant qualification.

The board reviewed existing programmes and expressed satisfaction with the progress. These include specialist programmes for internal Sharia reviewers.

The board also discussed the topics for three roundtable discussions planned this year.

Leading Sharia scholar Dr Abdul Sattar Abu Ghuddah's research proposal was also endorsed for funding by the board during the meeting.-TradeArabia News Service

Tags: Bahrain | Waqf Fund |

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